Ollie’s Bargain Outlet to deliver ‘solid’ print, says RBC Capital

RBC Capital analyst Steven Shemesh keeps an Outperform rating and $84 price target on Ollie’s Bargain Outlet ahead of its Q3 results. The firm is anticipating a beat-and-raise quarter with potential comps of 5%-7% exceeding the 3.5% consensus, leading the management to raise its Fy23 outlook for comps to 5.0%-5.5% from 4.0%-4.5%, the analyst tells investors in a research note. Buyside expectations seem to be well ahead of consensus, but delivering on this and reaffirming FY24 near on algo would likely be enough for shares to drift “somewhat higher”, the firm adds.